As more than 1,000 newsagents use Tyro for Eftpos processing, I encourage you to look at the campaign being run by Tyro to lobby the Reserve bank to act on interchange fees. There is a quick survey you can take in support of the campaign. here is the heart of their pitch:
Interchange fees on credit and debit transactions are up to 10 times higher for SMEs then they are for big retailers. It’s just not fair.
Without interchange fees, Tyro estimates Australian businesses would be better off by around $300 million annually. That could mean thousands of dollars in savings back to your business each year, plus a more level playing field for the engine of Australia’s economy.
I support the Tyro campaign.
I can`t believe that anybody would NOT be using TYRO. The bank could give me a machine for free and I still wouldnt swap it for the TYRO terminal. If you want lightning fast EFTPOS then get onto TYRO.
Great article about Tyro on page 2 of yesterdays Financial Review
Curious I’ve seen these terminals around. They have no interchange fees but still lots of newsagents have a minimum EFTPOS requirement.
I tried two in Sydney yesterday and couldn’t buy gum or water because they had a minimum so I went to Coles
Unfortunately Neil you cannot legislate common sense.
I had Tyro for years and the terminal speed and overall system is great, but they are very expensive.
I just switched to Suncorp and am saving between $400 and $500 per month on eftpos fees. That kind of saving is hard to ignore.
0.75% for all Visa and MC, $0.05 for all eftpos transactions. Do your own sums Vs Tyro fees
I was with Suncorp and found them useless. Appalling service. Checked their fees recently and not impressed.
We can echo Glenn, “0.75% for all Visa and MC, $0.05 for all eftpos transactions.” We did our sum and have not looked back since switching from another bank.
Suncorp has been good to us, no “appalling servie”.
I was put onto the Suncorp deal by 2 other newsagent friends who had made the change and have had nothing but good words for Suncorp. My experience with them has been outstanding.
I loved how Tyro worked and their systems and was very reluctant to change, but the savings in fees were too significant for me to ignore.
Not sure how you can be unimpressed by the Suncorp fees Vs Tyro fees as Suncorp is substantially better by any measure – assuming we were on the same Tyro fee structure.
We are with Bank of Melbourne EFTPOS. They were about 0.75% but have put their fees up to 0.96%. Maybe I should look at Suncorp.
What I have against Tyro is the lack of transparency on fees. With BoM I know what my fees are, with Tyro it is nearly 2% for premium cards. I don’t know how many premium cards I take and object to the uncertainty.
Yes Neil, and one day you will only be able to buy home brand gum at supermarkets!!
Every card transaction happens at a terminal and there is some cost. Nothing is free.
I’m with Glenn, I had one Tyro terminal and one with ANZ, Tyro has always been the more expensive of the two but i negotiated better fees with ANZ and ditched Tyro, saving around $275 a month on average. Hard to ignore that saving. I also had our Tyro terminal replaced twice in the past as the swipe reader died, and the paywave on the Tyro is much more difficult for customers than the Ingenico terminal from ANZ.
I’m currently with TYRO but going to start looking around. Great service but SO expensive. Over 85% of our credit cards taken are platinum which they charge a fortune for.
I changed to Suncorp due to the fees. I ran a 12 month spreadsheet and the saving was from memory $5Kp.a. This was mostly due to over 50% of cards being premium or international. I can’t fault Tyro and had perfect service but same day settlement is nice for Tuesday lotto sweeps. That said Suncorp is not my primary bank I merely use them as a holding account.
Hmm, my post is about Tyro and their work lobbying for a cut in fees we pay. I’m not aware of others lobbying for small business on this issue.
Maybe tyro can follow their own lobbying and cut their fees, I’m still with tyro but not overly happy. I stuck with tyro even when suncorp offered a better deal hoping they would eventually come to the party, not happening. I still have the old style tyro terminals as to upgrade they want more $$$$, now really after more than 5 years they should be chasing me to upgrade to latest technology, not the other way around. Tyro need to walk the walk, not just talk the talk, newsagents have been ver supportive, how about some reward for loyalty.
The problem is Tyro has fees the banks don’t have from what I understand. If my information is correct the banks effectiveness charge to squeeze them out.
Rick ,same as you we still have the old style machine because I do not see why I have to pay for the latest model . We have even had ours replaced due to water damage and still sent out the old box looking one .
Hi All,
I work at Tyro alongside Chris Ball, who many of you will know.
As you are aware, Tyro has worked with newsagents for many years and we continue to be a vocal supporter of the small independent businesses that dominate this space. Our campaign to end bank interchange fees is currently one of the more visible initiatives that illustrate our commitment to SME’s.
Interchange fees are the dominant part of Tyro’s merchant service fee charged to you, our customers. What are they? Interchange fees are payable by merchant service providers to cardholder (your customers) banks. They are, in good part, used to subsidise the reward programs and other bells and whistles attached to the cardholder account. We don’t believe that you, the retailer, and ultimately your customers, should be forced to pay for the lifestyle choices of cardholders.
Tyro is unique in the fact that we remain the only independent EFTPOS provider in a landscape dominated by some of the largest and most profitable businesses in Australia, a ‘David vs Goliath’ scenario that many newsagents can no doubt relate to. Given the fact that we are solely focused on EFTPOS acquiring we are unable to underwrite the provision of EFTPOS facilities through other banking products. While this means that we may not always be the “cheapest” option when looking simply at costs per transaction, it requires us to continually invest into our acquiring, service and support platforms to ensure that, even in light of our rates, we continue to provide the best value to newsagents. The continuing year on year double digit growth in the number of newsagents that we service bears testament to the benefits that we continue to provide newsagents – even in light of some aggressive pricing by our competitors.
Tyro remains absolutely committed to providing Australian newsagents with a better EFTPOS service and I would welcome the chance to speak with any of you that wish to discuss Tyro’s services.
Cheers,
Karl Margrain
Business Development Manager
Tyro Payments
(02) 8907 1680
kmargrain@tyro.com
I have a surcharge on all EFTPOS transactions (20c / 2% Amex) which covers about 75% of my monthly Tyro fees. Never any customer aversion & over the nearly 3 years of the charge have experienced growth in card transactions.
I won’t use one servo in town because they charge a surcharge, that’s why I won’t charge a surcharge, if I don’t like it I’m sure plenty others won’t either. You may not have any complaints, but the ones that don’t like it just don’t shop with you, so won’t complain
I do not shop at places that charge a surcharge, so therefore I don’t think it is right to charge a surcharge myself
Hey guys
I just want to echo Karl’s comments.
We do our utmost to keep costs down while innovating to provide the country’s best EFTPOS functionality, which I’m proud to say is without equal – especially when integrated with Tower Retailer.
From CEO down, Tyro is 100% committed to small business. We love you guys, it’s in our DNA. Our CEO Jost is fighting the good fight in trying get these interchange rates down, which can and hopefully will bring down costs for small business.
If any of you guys want to discuss your rates or are concerned about better offers out there, call me or Karl.
Newsagents are a huge part of Tyro’s business and we’re committed to you guys now more than ever!
My direct line is 02 8907 1748 and I’m always happy to chat.
Cheers
Chris
Sorry, for those who don’t know me, I’m Chris Ball and I look after all newsagent Tyro merchants. Give me a call, anytime 🙂
Good point Peter B, but by imposing a minimum on EFTPOS all you’re doing is making sure you don’t pay a fee because you won’t have a transaction to process.
It’s very old school, tap and go was supposed to get rid of minimums. :/
Neil,where do we draw the line on EFTPOS charges? I`ve had customers wanting to EFTPOS a .70 cent stamp….I make nothing from a stamp.
Yet you are selling stamps are you not? You offer the service and then gate it.
Easy don’t sell stamps.
We have never had a problem with anyone when it came to a $10 minimum . They will all buy something else . We are not strict on the $10 but no way would I ever do a stamp on eftpos . At the end of the day a stamp sale is not a sale to care about loosing anyway . As for a pack of pks if there is no chance of selling the kid something else I would do it .
BrettS, stamps were just an example. I could add people wanting to buy a newspaper on EFTPOS, do I stop selling them too then? My question was to Neil asking “where do we draw the line”?
Went to the doctor the other day, had to pay a surcharge, same at specialist last year, restaurants, plane flights, dentist, even the shop fitters.
If you do not buy product because of a surcharge, all the above are out of bounds too.
BUY LOCAL
OR BYE BYE LOCAL
I don’t mind paying a surcharge – it means I’m getting points on my credit card.
Minimum EFTPOS amounts just mean I’ll leave without purchasing and not return. Not sure what local has to do with it though.
A comment from the ANF facebook
would like to know how they arrived at the “savings”
Has anyone moved from TYRO back to Suncorp because of the fees and the fact that they couldn’t be bothered settling on weekends? Just had Adam from the ANF do a comparison for me. We would save a.most $1,500 a year if we went back to Suncorp for our EFTPOS. ?
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I wonder if the ANF did the same due diligence they did prior to wholeheartedly endorsing Bill Express and Hubbed.
Has ANF disclosed any commercial arrangement with Suncorp?
I had TYRO, still think it is a great product with lots of advantages, but it’s just too expensive.
We switched to Suncorp, we are saving approx $5k per year in fees, and I did my own sums on the savings – several times – before making the change.
The future is in accepting all payments electronically, through all devices … EFTPOS, mobiles, etc. Even if just $1.50 for the paper, I need to say yes to the no cash customer and still make a profit. Currently with Tyro, but concerned they do not accommodate small value transactions.